Section 1411 Of The Ny Not For Profit Corporation Law

Not for profit corporation law articles 14 16 10 2019 article 14 special not for profit corporations 1411.

Section 1411 of the ny not for profit corporation law. This section shall provide an additional and alternate method of incorporation or reincorporation of not for profit corporations for any of the purposes set forth in this paragraph and shall not be deemed to alter impair or diminish the purposes rights powers or privileges of any corporation heretofore or hereafter incorporated under this section or under the stock or business corporation laws. 2006 new york code local development corporations. A a corporation as defined in paragraph a of 102 definitions may be formed under this chapter as a charitable corporation or a non charitable corporation unless it may be formed under any other corporate law of this state in which event it may not be formed under this chapter unless such other corporate law expressly so provides.

Use this page to navigate to all sections within not for profit corporation law. Section 1411 local development corporations. Npcl 201 provides various purpose categories for not for profit corporations.

This is findlaw s hosted version of new york consolidated laws not for profit corporation law. Expand sections by using the arrow icons. Law 1411 f 1 mckinney 2000.

A not for profit corporation may not be formed for pecuniary profit or financial gain and the corporation s assets income or profit may not be distributed to or otherwise used to benefit the corporation s members directors or officers except as permitted by the not for profit corporation law e g as reasonable compensation for services to the corporation. Not for profit corporation npc. The laws of new york.

Name of incorporation under section 1412 of the not for profit corporation law 1 such reincorporation certificate shall contain the provisions required and any other provisions permitted by section 402 of this chapter and shall also set forth a a statement that such corporation is. Section 1409 agricultural and horticultural corporations. This provision is of long standing in the insurance law a similar provision having been first enacted in 1934.

The provision was intended to prevent officers and directors from engaging in potentially unsound financial dealings with regulated entities for their own benefit. In all instances not for profit corporations may not be formed for profit or financial gain. This section shall provide an additional and alternate method of incorporation or reincorporation of not for profit corporations for any of the purposes set forth in this paragraph and shall not be deemed to alter impair or diminish the purposes rights powers or privileges of any corporation heretofore or hereafter incorporated under this section or under the stock or business.